The European Securities and Markets Authority (ESMA) has published a final report on regulatory technical standards (RTS) specifying admission criteria elements for central counterparties (CCPs), in a document dated 8 July 2026. The standards aim to harmonise and strengthen the conditions under which CCPs can be authorised to operate in the EU, directly impacting clearing houses and their participants.
The report, reference ESMA91-1505572268-4692, falls under the updated European Market Infrastructure Regulation (EMIR 3.0) and sets out detailed requirements on governance, risk management, and operational resilience that CCPs must meet to obtain or maintain authorisation. ESMA's technical standards are intended to ensure consistent application of admission criteria across member states, reducing regulatory fragmentation and enhancing financial stability.
Key elements include provisions on CCPs' ownership structure, initial capital, and the composition of their risk committees. The standards also address the treatment of indirect clearing arrangements and the interoperability between CCPs. By specifying these criteria, ESMA aims to raise the bar for CCP entry and ongoing compliance, which may increase operational costs for smaller clearing houses but is expected to strengthen systemic safeguards.
Stakeholders most affected are EU-based CCPs, which will face new compliance requirements; clearing members and clients, who may benefit from enhanced CCP resilience but could see higher clearing fees; national competent authorities, which will apply the uniform criteria; and ESMA itself, which gains a clearer framework for supervisory convergence. The final report will now be submitted to the European Commission for endorsement before becoming binding EU law.